Tuesday, September 1, 2009

Mortgage Loan Modifications, How is Your Lender Doing?

Bank of America, Wells Fargo, CitiMortgage, JPMorgan Chase, and many other mortgage loan servicers have beefed up their staff resources to process the backlog of mortgage loan modification requests. Do you think these banks are providing adequate services? Are they being fair their mortgagor customers? How about the investors in these mortgages? What are your first hand experiences in loan workouts with these or other lenders?

I recently came accross your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

I have been ccalling Citimortgage- who unfortunately had to take over our mortgage from a local bank- Pulaski because of a Dept. of Trans. buyout. First off, I was asked a few questions about my finances and before I could even answer, I was told no you don't qualify for a refinance or modification!! I called back 4 more times and it was as if nobody knew what I was talking about or even wanted to bother wasting their time. I am very disappointed in Chris Millitello, our original broker who I first tried to contact and he just wouldn't give me the time. I thought he was a miracle worker when he first helped us and thought how nice it was to see a picture of him and how "Well" he was doing.What am I suppossed to do? I would much rather go back to a local bank. But- I'm being ignored or put on hold or just hung up on.

I am so sorry that you are having so much trouble finding a lender to help you. One suggestion that might result in some help would be to post your loan requirement on http://www.mortgagegrapevine.com/ .

A lot of mortgage brokers and mortgage lenders use this site to identify mortgage loan scenarios that can be satisfied. It is a business to business site but who knows, maybe you can be offered a good loan product from someone. I hope so.

Be careful because you certainly don't need a trillion lenders running a credit check on you.

Give a general ( and honest) outline of the loan amount you require, loan to value of property, the state where you live, your household income, and other debt and a method to reach you by email while protecting your identity (build another email using gmail). Then based upon email responses you can better determine providers that might be helpful.